XRP ETF Momentum: Is Bitwise's Fourth Amendment a Green Light for Institutional Adoption?

The cryptocurrency market is on the cusp of a transformative shift as XRP, the native token of RippleNet, inches closer to mainstream institutional adoption. At the heart of this momentum lies the regulatory progress of XRP-focused exchange-traded funds (ETFs), with Bitwise's Fourth Amendment to its XRP ETF application serving as a pivotal milestone. This update, coupled with broader institutional interest and strategic developments by Ripple, raises critical questions: Is the regulatory landscape finally aligning to support XRP's integration into traditional finance? And what does this mean for institutional investors seeking exposure to the asset?

Bitwise's Fourth Amendment: A Final Regulatory Hurdle Cleared

Bitwise's XRP ETF application has reached a critical juncture with the submission of its Fourth Amendment, which specifies the New York Stock Exchange (NYSE) as the intended listing platform and sets a management fee of 0.34% in its Fourth Amendment filing. According to industry analyst Eric Balchunas, such amendments typically signal the final steps in the ETF approval process. This move not only clarifies operational details but also demonstrates the firm's confidence in navigating the evolving regulatory environment.

The amendment's timing is significant. It follows a broader trend of XRP ETFs accelerating their timelines, including the Canary XRP ETF's plan to auto-list on NASDAQ by November 13, 2025, after removing a clause allowing the SEC to delay its effectiveness Canary ETF's auto-list plan. These developments suggest that issuers are increasingly willing to bypass prolonged regulatory delays, leveraging Section 8(a) of the Securities Act of 1933 to fast-track approvals.

Regulatory Momentum and the SEC's Role

The U.S. Securities and Exchange Commission (SEC) has long been a wildcard in the XRP ETF saga. However, recent actions indicate a potential thaw. The SEC has scheduled reviews for six spot XRP ETF applications, including those from Bitwise, Grayscale, and 21Shares, between October 18 and October 24, 2025 SEC review schedule. This marks a departure from its historically cautious stance, particularly given the agency's ongoing partial government shutdown, which has delayed filings according to a Bitcoinist timeline.

The Canary XRP ETF's strategy to auto-list under Section 8(a) is particularly noteworthy. By removing the delaying clause, the fund aims to trigger automatic approval if the SEC does not object within 20 days. This approach reflects a growing consensus among market participants that the SEC's inaction may inadvertently accelerate XRP's institutional adoption.

Institutional Adoption: A Surge in Confidence

Beyond regulatory filings, XRP's institutional appeal is being fueled by tangible market activity. Evernorth's $1 billion purchase plan to buy XRP for treasury assets underscores the token's growing acceptance as a store of value Evernorth's $1 billion purchase plan. Meanwhile, CME Group's XRP futures open interest has surpassed $1 billion, the fastest growth rate among crypto contracts on the exchange. The launch of XRP options and Micro XRP futures on October 13 further solidifies the asset's derivatives footprint.

Ripple's strategic acquisitions-GTreasury, Hidden Road, and Rail-have also reshaped its value proposition, positioning the company as a bridge between blockchain and traditional finance. With a valuation nearing $30 billion and XRP's removal from Forbes' "Zombie Blockchains" list, the token's credibility has reached new heights.

Implications for Institutional Investment

The convergence of regulatory progress and institutional demand creates a compelling case for XRP's inclusion in institutional portfolios. A successful XRP ETF launch would provide a familiar vehicle for investors to access the asset without the complexities of direct token ownership. For example, REX-Osprey's XRP ETF (XRPR) has already amassed $100 million in assets under management, demonstrating the viability of such products.

However, challenges remain. The SEC's delayed response to filings and the uncertainty surrounding Ripple's national bank charter application introduce risks. Institutions must also navigate the volatility inherent in crypto markets, as evidenced by XRP's price divergence from its fundamentals.

Conclusion: A Tipping Point for XRP?

Bitwise's Fourth Amendment is more than a procedural update-it is a signal that XRP ETFs are nearing a critical inflection point. While regulatory hurdles persist, the institutional momentum behind XRP suggests that the asset is no longer a fringe investment. As the SEC's October review calendar unfolds and the Canary XRP ETF eyes a November 13 launch, the market will likely see a surge in demand for XRP-based products. For institutional investors, the question is no longer if XRP will gain mainstream traction, but how quickly they can position themselves to capitalize on it.